Serial entrepreneur Colin Huang Zheng, the founder and chief executive of social commerce company Pinduoduo, said counterfeit goods remain an unavoidable problem in China amid the steady development of the country's online retail market.
The company's public listing in the United States, credited the efforts of Alibaba Group Holding in fighting fakes for helping other companies learn how to deal with the same issue, he said in a video interview with Tencent News last week, in response to a question about Pinduoduo's stand against counterfeit goods sold on its platform.
Founded in 2015, Shanghai-based Pinduoduo is now China’s No 3 e-commerce services provider – behind Alibaba and JD.com – on the back of its success in implementing China’s unique Social+ business model, which has helped attract more than three million active buyers and more than 1 million merchants to its platform.
Pinduoduo, whose name loosely translates to mean “buy more together”, exists as a mobile app and a mini-program on Tencent Holdings’ WeChat, China’s largest social networking platform and mobile messaging service with more than one billion users. Pinduoduo offers users generous discounts if they and at least one of their WeChat friends bought an item together.
Chinese internet companies like Pinduoduo have been embedding social networking on their platforms as an anchor to drive increased user engagement, according to the China Internet Report, co-authored by the Post, its tech news site Abacus and the San Francisco-based venture capital firm 500 Startups.
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